Video Analytics Market

Analysts at GMI Research estimates that the Video Analytics Market was worth USD 6.1 billion in 2021, and forecast to touch USD 17.5 billion in 2029, growing at a significant higher CAGR of 14.2% from 2022-2029.

Video Analytics Market Overview

Video analytics is a kind of software that is used for near real-time analysis of video content generated, collected, or monitored during video inspection. While watching the images, the program detects characteristics, activities, or patterns of unique activity through video analysis of controlled environments. The software can produce automated warnings and can enable forensic review of historical records. A huge amount of video data is produced through video surveillance in city surveillance, industries, and social media. It automates the video surveillance process by delivering high-end benefits to the users with reduced cost and efficient service delivery.

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Major Video Analytics Market Drivers

The factors driving the global video analytics market include the surging installation of surveillance cameras due to rising security needs owing to the increase of reported cases of theft and assault of customers/workers. Video analytics solutions help to reduce crime rates via timely alerts about unusual or suspicious activities, which can likely drive the market. For instance, according to National Insurance Crime Bureau, which represents insurance companies said, vehicle theft spiked in 2020, thieves stole 880,595 vehicles in the U.S. in 2020, up by 10.9% from 2019, which can likely to surge the demand for video surveillance for better security and can drive the overall growth of the video analytics market. Furthermore, the large adoption of internet protocol (IP)- based surveillance system for business intelligence (BI) is likely to surge the market.

Video analytics is used by the retail sector for strolling recognition and consumer behavior analysis. For instance, between 1960s and 1970s, American companies began installing CCTV cameras to monitor the behavior of people in their buildings. One challenge for retail store owners and property managers was the fact that there were large amount of data, and it would be both unrealistic and inefficient to have people constantly watch and analyze the security footage. Utilizing AI (Artificial Intelligence), retail store owners can monitor and analyze the surveillance footage in a much more accuracy and efficiency than ever before. One of the high demanding surveillance systems is heat mapping surveillance. The beauty of heat mapping is that one can visually see which areas of the store are gaining the most traction and which parts are left empty.

Restraint in the Video Analytics Market

However, large-scale video analytics solutions are integrated with large databases, infrastructures, and surveillance systems to offer sophisticated automated identification and tracking systems. Inappropriate database infrastructure leads to inept data logs that bring inaccuracies in video processing which can likely to restrain the overall growth of the market.

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Vertical – Segment Analysis

Based on the vertical, transport and logistics are expected to grow at high CAGR over the forecast period. Video surveillance has become a vital part of the transportation and logistics vertical. The various benefits of video analytics for the transportation and logistics vertical are the elimination of overcrowding, and behavior analysis, enhanced safety measures, incident recording, and detection of blind spots. Dashboard cameras provide video evidence in the event of a road accident or vandalism. As a result, several cars are now equipped with dashboard cameras, and in various countries, dashboard cameras are mandatory on public transportation, such as buses and taxis, cargo and train carriage to prevent disasters and detect emerging threats, which may lead to infrastructure destruction or vehicle crashing, resulting in the loss of life. For instance, Ola approved camera surveillance unit for the commercial transport of passengers while following certain protocols, which can help in the expansion of the video analytics market.

Deployment – Segment Analysis

Based on the deployment, on-premises is expected to grow at high CAGR over the forecast period in the global video analytics market owing to surging demand to secure critical data from cyber-attack and monitor the influx of data within the organization, encouraging the user to implement on-premises based solution. The on-premises deployment model enables the installation of the software and permits applications to run on systems present in the organization’s premises than any distant facility such as server space to avoid cyber-attack. For instance, in 2021, Verkada, a cloud-managed and edge-based software platform that integrates video security cameras, was hacked of its video network as more than 150,000 surveillance cameras were compromised.

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Regional – Segment Analysis:

Based on the region, North America region is expected to is anticipated dominate the video analytics market over the forecasted period owing to the rising demand for business intelligence and the presence of the key player in the region such as Honeywell International Inc, IBM Corporation, Cisco Systems, and others coupled with the availability of technical expertise, ever growing requirement of organizations to get actionable insights in real-time and increasing demand for technologically enhanced public safety infrastructure in the region.

Top Market Players

Various notable players operating in the market, include, Honeywell International Inc, Cisco Systems Inc, IBM Corporation, Aventura Technologies Inc, IntelliVision, Verint, PureTech Systems, Qognify, AllGoVision Technologies Pvt. Ltd, Bosch Sicherheitssysteme GmbH, among others.

Key Developments:

• • In 2021, Milestone tied up with Briefcam to launch XProtect Rapid REVIEW video analytics technology which will able customers to accelerate investigation and find what they are looking for with accuracy and speed.
  • In 2021, Mavenir launched its Intelligent Video Analytics (IVA) offering, in a move which further demonstrates a broadening of its technological capability to complement its range of communication services based on Open RAN technology.

Segments covered in the Report:

The global video analytics market has been segmented on the basis of vertical, deployment, and regions. Based on vertical, the market is segmented into retail, hospitality, transportation & logistics, mining, defence and security, and others. Based on deployment, the market is segmented into on-premises, cloud. Based on component, the market is segmented into solution and services.

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Market Segmentation

Global Video Analytics Market by Vertical

• • Retail
  • Hospitality
  • Transportation & Logistics
  • Defence and Security
  • Mining
  • Others

Global Video Analytics Market by Deployment

• • On-Premises
  • Cloud

Global Video Analytics Market by Component

• • Solution
  • Services

Global Video Analytics Market by Region

• • North America Video Analytics Market (Option 1: As a part of the free 25% customization)

    • By Vertical
    • By Deployment
    • By Component
    • US Market All-Up
    • Canada Market All-Up

  • Europe Video Analytics Market (Option 2: As a part of the free 25% customization)

    • By Vertical
    • By Deployment
    • By Component
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Video Analytics Market (Option 3: As a part of the free 25% customization)

    • By Vertical
    • By Deployment
    • By Component
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Video Analytics Market (Option 4: As a part of the free 25% customization)

    • By Vertical
    • By Deployment
    • By Component
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Video Analytics (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Honeywell International Inc
  • Cisco Systems Inc
  • IBM Corporation
  • Aventura Technologies Inc
  • IntelliVision
  • Verint
  • PureTech Systems
  • Qognify
  • AllGoVision Technologies Pvt. Ltd
  • Bosch Sicherheitssysteme GmbH